The cost of gas is biggest contributor to the rise
Inflation in the Island now stands at 8 per cent - up from 7.4 per cent in December.
According to the latest government statistics gas is the biggest contributor rising by 60.9 per cent.
Overall, the cost of water, power, heating and other fuels is up by an average 22.9 per cent.
Food and non-alcoholic beverages has risen 13.2 per cent - which is the second biggest rise in the Consumer Price Index.
The price of butter is up 34.7 per cent compared to 12 months ago.
You can find the full report HERE.